SOURCE: Trinity Bank

January 31, 2014 16:40 ET

Trinity Bank Reports 10th Consecutive Year of Increased Profits

FORT WORTH, TX--(Marketwired - Jan 31, 2014) - Trinity Bank N.A. (OTCBB: TYBT)

  • 4th quarter 2013 Net Income increased 13.7% over 4th Quarter 2012
  • 2013 Net Income increased 10.9% over 2012 results
  • Strong equity to assets ratio of 11.71%
  • Return on Assets (1.58%) and Return on Equity (13.83%) reached all-time highs

Trinity Bank N.A. (OTCBB: TYBT) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2013.

Trinity Bank, N.A. reported Net Income after Taxes for the fourth quarter of $756,415, or $.66 per diluted common share, compared to $664,894, or $.59 per diluted common share for the fourth quarter of 2012, an increase of 11.9%.

For the year 2013, Net Income After Taxes amount to $2,861,649, or $2.51 per diluted common share, compared to $2,580,715, or $2.36 per diluted common share for 2012, an increase of 6.4%.

Jeffrey M. Harp, President, stated, "Operating results for 2013 represent our 10th consecutive year of improved profitability. We are pleased to be able to report growth in earnings and assets, improved asset quality, and exceptional efficiency. Return on Assets and Return on Equity are well above peer bank performance at the local, state, and national level. The level of economic activity in our market improved in the second half of 2013. Businesses are cautiously beginning to grow again, but confidence is still guarded. Trinity Bank remains focused on improving performance in all economic conditions."

   
   
For Year Ending  
                                     
    2013     2012     2011     2010     2009     2008  
                                     
Return on Assets   1.58 %   1.51 %   1.46 %   1.30 %   1.12 %   1.11 %
                                     
Return on Equity (excluding unrealized gain on securities)   13.83 %   13.21 %   13.22 %   12.57 %   11.33 %   10.80 %
                                     
                                     
                                     

Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003. For a full financial statement, visit Trinity Bank's website: www.trinitybk.com Regulatory reporting format is also available at www.fdic.gov.

This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future financial conditions, results of operations and the Bank's business operations. Such forward-looking statements involve risks, uncertainties and assumptions, including, but not limited to, monetary policy and general economic conditions in Texas and the greater Dallas-Fort Worth metropolitan area, the risks of changes in interest rates on the level and composition of deposits, loan demand and the values of loan collateral, securities and interest rate protection agreements, the actions of competitors and customers, the success of the Bank in implementing its strategic plan, the failure of the assumptions underlying the reserves for loan losses and the estimations of values of collateral and various financial assets and liabilities, that the costs of technological changes are more difficult or expensive than anticipated, the effects of regulatory restrictions imposed on banks generally, any changes in fiscal, monetary or regulatory policies and other uncertainties as discussed in the Bank's Registration Statement on Form SB-1 filed with the Office of the Comptroller of the Currency. Should one or more of these risks or uncertainties materialize, or should these underlying assumptions prove incorrect, actual outcomes may vary materially from outcomes expected or anticipated by the Bank. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. The Bank believes it has chosen these assumptions or bases in good faith and that they are reasonable. However, the Bank cautions you that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The Bank undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless the securities laws require the Bank to do so.

   
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
                             
    Quarter Ended     Twelve Months Ended  
    December 30   %     December 30   %  
EARNINGS SUMMARY   2013   2012   Change     2013   2012   Change  
                             
Interest income     1,677     1,542   8.8 %     6,412     6,138   4.5 %
Interest expense     100     110   -9.1 %     404     556   -27.3 %
Net Interest Income     1,577     1,432   10.1 %     6,008     5,582   7.6 %
                                     
Service charges on deposits     43     41   4.9 %     165     152   8.6 %
Other income     66     64   3.1 %     276     242   14.0 %
Total Non Interest Income     109     105   3.8 %     441     394   11.9 %
                                     
Salaries and benefits expense     478     512   -6.6 %     1,600     1,494   7.1 %
Occupancy and equipment expense     73     84   -13.1 %     306     307   -0.3 %
Other expense     135     122   10.7 %     870     803   8.3 %
Total Non Interest Expense     686     718   -4.5 %     2,776     2,604   6.6 %
                                     
Pretax pre-provision income     1,000     819   22.1 %     3,673     3,372   8.9 %
                                     
Gain on sale of securities     51     116   -56.0 %     410     286   43.4 %
Gain on sale of foreclosed assets     0     0   N/M       52     0   N/M  
Gain on sale of assets     18     0   N/M       18     0   N/M  
                                     
Provision for Loan Losses     50     45   11.1 %     242     195   24.1 %
                                     
Earnings before income taxes     1,019     890   14.5 %     3,911     3,463   12.9 %
Provision for income taxes     263     225   16.9 %     1,049     882   18.9 %
Net Earnings     756     665   13.7 %     2,862     2,581   10.9 %
                                     
Basic earnings per share     0.67     0.59   13.6 %     2.53     2.38   6.3 %
Basic weighted average shares outstanding     1,132     1,123           1,131     1,084      
                                     
Diluted earnings per share     0.66     0.59   11.9 %     2.51     2.36   6.4 %
Diluted weighted average shares outstanding     1,143     1,134           1,142     1,095      
                                     
                                     
    Average for Quarter     Twelve Months Ended  
    December 30   %     December 30   %  
BALANCE SHEET SUMMARY   2013   2012   Change     2013   2012   Change  
                                     
Total loans   $ 100,220   $ 85,853   16.7 %   $ 93,605   $ 83,486   12.1 %
Total short term investments     12,966     25,057   -48.3 %     17,163     21,982   -21.9 %
Total investment securities     63,937     59,626   7.2 %     65,815     58,512   12.5 %
                                     
Earning assets     177,123     170,536   3.9 %     176,583     163,980   7.7 %
                                     
Total assets     181,884     177,855   2.3 %     181,501     170,882   6.2 %
                                     
Noninterest bearing deposits     43,454     38,481   12.9 %     40,160     33,866   18.6 %
Interest bearing deposits     116,510     116,937   -0.4 %     119,517     115,491   3.5 %
                                     
Total deposits     159,964     155,418   2.9 %     159,677     149,357   6.9 %
                                     
Fed Funds Purchased and Repurchase Agreements     267     451   -40.8 %     317     387   -18.1 %
                                     
Shareholders' equity     21,301     20,529   3.8 %     21,029     20,134   4.4 %
                                     
                                     
 
 
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
                     
    Average for Quarter Ending
    Dec 31,   Sept. 30,   June 30,   March 31,   Dec 31,
BALANCE SHEET SUMMARY   2013   2013   2013   2013   2012
                               
Total loans   $ 100,220   $ 94,567   $ 91,227   $ 88,373   $ 85,853
Total short term investments     12,966     14,693     15,843     25,315     25,057
Total investment securities     63,937     65,064     66,379     64,969     59,626
                               
Earning assets     177,123     174,324     173,449     178,657     170,536
                               
Total assets     181,884     179,452     179,392     185,352     177,855
                               
Noninterest bearing deposits     43,454     42,308     38,087     36,699     38,481
Interest bearing deposits     116,510     116,055     119,269     126,375     116,937
                               
Total deposits     159,964     158,363     157,356     163,074     155,418
                               
Fed Funds Purchased and Repurchase Agreements     267     229     229     545     451
                               
Shareholders' equity     21,301     20,548     21,281     20,988     20,529
                               
                               
    Quarter Ended
    Dec 31,   Sept. 30,   June 30,   March 31,   Dec 31,
HISTORICAL EARNINGS SUMMARY   2013   2013   2013   2013   2012
                               
Interest income     1,677     1,616     1,583     1,537     1,542
Interest expense     100     98     100     106     110
Net Interest Income     1,577     1,518     1,483     1,431     1,432
                               
Service charges on deposits     43     43     41     39     41
Other income     66     67     72     69     64
Total Non Interest Income     109     110     113     108     105
                               
Salaries and benefits expense     478     385     365     373     512
Occupancy and equipment expense     73     75     77     81     84
Other expense     135     177     304     254     122
Total Non Interest Expense     686     637     746     708     718
                               
Pretax pre-provision income     1,000     991     850     831     819
                               
Gain on sale of securities     51     21     113     226     116
Gain on sale of foreclosed assets     0     0     0     52     0
Gain on sale of assets     18     0     0     0     0
                               
Provision for Loan Losses     50     20     0     172     45
                               
Earnings before income taxes     1,019     992     963     937     890
Provision for income taxes     263     271     263     253     225
Net Earnings     756     721     700     684     665
                               
Diluted earnings per share     0.66     0.63     0.61     0.60     0.59
                               
                               
   
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
                               
    Ending Balance  
    Dec 31,     Sept. 30,     June 30,     March 31,     Dec 31,  
HISTORICAL BALANCE SHEET   2013     2013     2013     2013     2012  
                               
Total loans   $ 109,505     $ 93,934     $ 94,432     $ 87,926     $ 93,523  
Total short term investments     2,534       18,404       7,895       32,274       34,511  
Total investment securities     63,495       63,966       67,506       62,908       65,031  
                                         
Total earning assets     175,534       176,304       169,833       183,108       193,065  
                                         
Allowance for loan losses     (1,321 )     (1,271 )     (1,249 )     (1,245 )     (1,073 )
Premises and equipment     1,275       1,232       1,264       1,250       1,287  
Other Assets     6,444       7,175       4,885       6,002       6,474  
                                         
Total assets     181,932       183,440       174,733       189,115       199,753  
                                         
Noninterest bearing deposits     45,813       44,398       37,823       38,673       49,403  
Interest bearing deposits     113,839       117,411       115,922       128,345       128,491  
                                         
Total deposits     159,652       161,809       153,745       167,018       177,894  
                                         
Fed Funds Purchased and Repurchase Agreements     429       229       229       228       559  
Other Liabilities     670       590       277       965       725  
                                         
Total liabilities     160,751       162,628       154,251       168,211       179,178  
                                         
Shareholders' Equity Actual     21,844       21,052       20,656       19,996       19,546  
Unrealized Gain - AFS     (233 )     (240 )     (174 )     908       1,029  
Total Equity     21,611       20,812       20,482       20,904       20,575  
                                         
                                         
    Quarter Ending  
    Dec 31,     Sept. 30,     June 30,     March 31,     Dec 31,  
NONPERFORMING ASSETS   2013     2013     2013     2013     2012  
                                         
Nonaccrual loans   $ 402     $ 402     $ 429     $ 0     $ 0  
Restructured loans   $ 0     $ 0     $ 0     $ 0     $ 0  
Other real estate & foreclosed assets   $ 0     $ 0     $ 0     $ 0     $ 35  
Accruing loans past due 90 days or more   $ 0     $ 0     $ 0     $ 0     $ 0  
Total nonperforming assets   $ 402     $ 402     $ 429     $ 0     $ 35  
                                         
Accruing loans past due 30-89 days   $ 0     $ 0     $ 1,097     $ 0     $ 0  
                                         
Total nonperforming assets as a percentage of loans and foreclosed assets     0.37 %     0.43 %     0.45 %     0.00 %     0.04 %
                                         
                                         
   
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
                               
    Quarter Ending  
ALLOWANCE FOR
LOAN LOSSES
  Dec 31,
2013
    Sept. 30,
2013
    June 30,
2013
    March 31,
2013
    Dec 31,
2012
 
                               
Balance at beginning of period   $ 1,271     $ 1,249     $ 1,245     $ 1,073     $ 1,026  
Loans charged off     0       0       0       0       0  
Loan recoveries     0       2       4       0       2  
Net (charge-offs) recoveries     0       2       4       0       2  
Provision for loan losses     50       20       0       172       45  
Balance at end of period   $ 1,321     $ 1,271     $ 1,249     $ 1,245     $ 1,073  
                                         
Allowance for loan losses as a percentage of total loans     1.21 %     1.35 %     1.32 %     1.42 %     1.15 %
Allowance for loan losses as a percentage of nonperforming loans     329 %     316 %     291 %     N/A       3066 %
Net charge-offs (recoveries) as a percentage of average loans     N/A       N/A       N/A       N/A       0.00 %
Provision for loan losses as a percentage of average loans     0.05 %     0.02 %     N/A       0.19 %     0.05 %
                                         
                                         
    Quarter Ending  

SELECTED RATIOS
  Dec 31,
2013
    Sept. 30,
2013
    June 30,
2013
    March 31,
2013
    Dec 31,
2012
 
                                         
Return on average assets (annualized)     1.66 %     1.61 %     1.56 %     1.48 %     1.50 %
                                         
Return on average equity (annualized)     14.20 %     14.04 %     13.16 %     13.04 %     12.96 %
                                         
Return on average equity (excluding unrealized gain on investments)     14.10 %     13.74 %     13.76 %     13.70 %     13.79 %
                                         
Average shareholders' equity to average assets     11.71 %     11.45 %     11.86 %     11.32 %     11.54 %
                                         
Yield on earning assets (tax equivalent)     4.00 %     3.92 %     3.87 %     3.65 %     3.84 %
                                         
Cost of interest bearing funds     0.34 %     0.34 %     0.34 %     0.33 %     0.37 %
                                         
Net interest margin (tax equivalent)     3.78 %     3.69 %     3.63 %     3.41 %     3.58 %
                                         
Efficiency ratio (tax equivalent)     38.52       36.99       44.14       42.04       43.97  
                                         
End of period book value per common share     19.09       18.40       18.09       18.47       18.26  
                                         
End of period book value (excluding unrealized gain on investments)     19.30       18.61       18.25       17.66       17.34  
                                         
End of period common shares outstanding     1,132       1,131       1,132       1,132       1,127  
                                         
                                         
   
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
   
    12 Months Ending  
    December 31, 2013   December 31, 2012  
   


YIELD ANALYSIS
 
Average
Balance
 

Interest
 

Yield
    Tax
Equivalent
Yield
 
Average
Balance
 

Interest
 

Yield
    Tax
Equivalent
Yield
 
                                           
Interest Earning Assets:                                          
Short term investment     17,163   85   0.50 %   0.50 %   21,982   131   0.60 %   0.60 %
Investment securities     23,628   743   3.14 %   3.14 %   18,786   681   3.63 %   3.63 %
Tax Free securities     42,187   849   2.01 %   2.90 %   39,726   930   2.34 %   3.37 %
Loans     93,605   4,735   5.06 %   5.06 %   83,486   4,396   5.27 %   5.27 %
                                           
Total Interest Earning Assets     176,583   6,412   3.63 %   3.84 %   163,980   6,138   3.74 %   3.99 %
                                           
Noninterest Earning Assets:                                          
Cash and due from banks     3,502                   3,568                
Other assets     2,662                   4,592                
Allowance for loan losses     (1,246 )                 (1,258 )              
                                           
Total Noninterest Earning Assets     4,918                   6,902                
                                           
Total Assets   $ 181,501                 $ 170,882                
                                           
Interest Bearing Liabilities:                                          
Transaction and Money Market accounts     94,464   267   0.28 %   0.28 %   87,411   351   0.40 %   0.40 %
Certificates and other time deposits     25,053   137   0.55 %   0.55 %   28,080   204   0.73 %   0.73 %
Other borrowings     317   0   0.04 %   0.04 %   387   1   0.26 %   0.26 %
                                           
Total Interest Bearing Liabilities     119,834   404   0.34 %   0.34 %   115,878   556   0.48 %   0.48 %
                                           
Noninterest Bearing Liabilities                                          
Demand deposits     40,160                   33,866                
Other liabilities     478                   1,004                
Shareholders' Equity     21,029                   20,134                
                                           
Total Liabilities and Shareholders Equity   $ 181,501                 $ 170,882                
                                           
Net Interest Income and Spread         6,008   3.29 %   3.51 %       5,582   3.26 %   3.51 %
                                           
Net Interest Margin             3.40 %   3.61 %           3.40 %   3.65 %
                                           
                                           
   
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
                         
    December 31
2013
   
%
    December 31
2012
   
%
 
LOAN PORTFOLIO                            
                             
Commercial and industrial     63,364     57.86 %     53,820     57.55 %
Real estate:                            
  Commercial     17,701     16.16 %     14,614     15.63 %
  Residential     19,037     17.38 %     13,862     14.82 %
  Construction and development     7,085     6.47 %     9,058     9.69 %
Consumer     2,318     2.12 %     2,169     2.32 %
                             
Total loans (gross)     109,505     100.00 %     93,523     100.00 %
                             
Unearned discounts     0     0.00 %     0     0.00 %
                             
Total loans (net)     109,505     100.00 %     93,523     100.00 %
                             
                             
    December 31
2013
          December 31
2012
       
REGULATORY CAPITAL DATA                            
Tier 1 Capital   $ 21,845           $ 19,546        
Total Capital (Tier 1 + Tier 2)   $ 23,166           $ 20,619        
Total Risk-Adjusted Assets   $ 134,220           $ 122,289        
Tier 1 Risk-Based Capital Ratio     16.28 %           15.98 %      
Total Risk-Based Capital Ratio     17.26 %           16.86 %      
Tier 1 Leverage Ratio     12.01 %           10.99 %      
                             
OTHER DATA                            
Full Time Equivalent                            
  Employees (FTE's)     14             14        
                             
Stock Price Range                            
(For the Three Months Ended):                            
  High   $ 37.00           $ 33.00        
  Low   $ 34.75           $ 30.50        
  Close   $ 37.00           $ 33.00        
                               
                               

Contact Information

  • For information contact:
    Richard Burt
    Executive Vice President
    Trinity Bank
    817-763-9966